Sec. 1-113.21. Contracts for services.

348 words·~2 min read·/il/chapter-40/act-5/1-113-21

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Beginning January 1, 2015, no contract, oral or written, for investment services, consulting services, or commitment to a private market fund shall be awarded by a retirement system, pension fund, or investment board established under this Code unless the investment advisor, consultant, or private market fund first discloses:

(1)the number of its investment and senior staff and the percentage of its investment

and senior staff who are

(i)a minority person,

(ii)a woman, and

(iii)a person with a disability; and

(2)the number of contracts, oral or written, for investment services, consulting

services, and professional and artistic services that the investment advisor, consultant, or private market fund has with

(i)a minority-owned business,

(ii)a women-owned business, or

(iii)a business owned by a person with a disability; and

(3)the number of contracts, oral or written, for investment services, consulting

services, and professional and artistic services the investment advisor, consultant, or private market fund has with a business other than

(i)a minority-owned business,

(ii)a women-owned business or

(iii)a business owned by a person with a disability, if more than 50% of services performed pursuant to the contract are performed by

(i)a minority person,

(ii)a woman, and

(iii)a person with a disability.

(b)The disclosures required by this Section shall be considered, within the bounds of financial and fiduciary prudence, prior to the awarding of a contract, oral or written, for investment services, consulting services, or commitment to a private market fund.

(c)For the purposes of this Section, the terms "minority person", "woman", "person with a disability", "minority-owned business", "women-owned business", and "business owned by a person with a disability" have the same meaning as those terms have in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.

(d)For purposes of this Section, the term "private market fund" means any private equity fund, private equity fund of funds, venture capital fund, hedge fund, hedge fund of funds, real estate fund, or other investment vehicle that is not publicly traded.